Estate planning has at times been a thorny situation for many families in New Jersey. Divisive issues sometimes crop up, resulting in disputes over inheritance and other issues related to probate. A number of factors contribute to the problems New Jersey residents face when a probate dispute arises, and it's worth confronting these issues head-on.
Estate planning can be a complicated process that often requires planners to stay abreast of changes to the law. For example, the current estate tax exemption for taxable estates and cumulative gifts is $5 million. At the beginning of next year, that amount is set to be reduced to $1 million. This will mean a significant change in the amount of tax a beneficiary is required to pay, and residents throughout New Jersey will want to revise their estate planning documents accordingly.
Many of us who live in New Jersey are aware that planning your estate can be a challenge. The first big step is making the decision that a will is needed. After that, planning your estate includes determining where assets should go after death and which documents are right for your particular estate plan.
It may be startling for Camden County readers to learn that more than 50 percent of all adults have not prepared a will. As for adults under the age of 35, 92 percent of them have not drafted a will, either.
Readers in Camden County may be interested to hear of an ongoing dispute over a 351-year-old will. The dispute illustrates how, even after three-and-a-half centuries, a person's end-of-life wishes can still be the subject of probate litigation.